Forum Cuts Q3 Loss

Forum Energy Technologies recorded loss in the third-quarter 2018 of $3 million, or 3 cents per diluted share, compared to net loss of $15 million, or 14 cents per diluted share, for the prior-year comparable period.

Sequentially, Forum narrowed its losses, also from loss of 15 cents per share, despite revenue drop of $7 million.

The Q3 2018 result before special items was profit of 3 cent per share.

The Houston-based oilfield products company generated revenue for the quarter ended September 30, 2018 of $267 million, compared to $199 million in the corresponding period in 2017. Sequentially, revenue decreased from $274 million.

The company said it had ended Q3 2018 with $246 million of total liquidity.

For the first nine months of 2018, Forum generated profit of close to $10 million on revenue of $791 million, versus loss of $108 million on revenue of $571 million for the corresponding period in 2017.